|Bid||18.23 x 0|
|Ask||18.20 x 0|
|Day's range||17.92 - 18.24|
|52-week range||14.25 - 22.18|
|Beta (5Y monthly)||0.60|
|PE ratio (TTM)||13.18|
|Earnings date||24 Jul 2023 - 28 Jul 2023|
|Forward dividend & yield||2.06 (11.52%)|
|Ex-dividend date||04 Jul 2023|
|1y target est||17.17|
MADRID (Reuters) -Spanish gas grid operator Enagas said on Tuesday it is on track to achieve its profit target for the year after net profit fell roughly 21% in the first quarter, hit by lower revenue from its regulated business in Spain. Net profit was 54.6 million euros ($60.31 million) compared with 69.3 million euros a year earlier. The company said that it is on track to meet its target of a net profit of between 310 million euros and 320 million euros for this year.
The acquisition of the pipeline network, which Enagas described as "key to ensuring security of supply and the proper functioning of the Iberian gas market", cost 54 million euros ($57.33 million), the companies said in a joint statement. Since Russia's invasion of Ukraine a year ago, many European countries, including Spain, have been trying to wean themselves off Russian gas amid concerns over supply shortages. The distribution network provides natural gas directly to several infrastructures in the country's northwestern region of Galicia, where Reganosa is based.
MADRID (Reuters) -Spanish gas grid operator Enagas on Tuesday said it expects its net profit to fall by 15%-17% this year after a 6.9% slide to 376 million euros ($401 million) in 2022. The company's net profit in 2022 was slightly below its 380 million to 390 million euro target, though in line with the 373 million expected by analysts polled by Refinitiv. Net profit would fall to 310 million-320 million euros this year, the company said.
"The company informs that the closing of the transaction will not take place as the current shareholders of BBL have exercised their right of first refusal," Enagas said in a statement released on Wednesday. Dutch grid operator Gasunie owns a 60% stake while Belgium's Fluxys and Uniper each hold 20%. The sale of the stake in BBL is part of a package of remedies required by the European Commission in exchange for approving Germany's bailout and nationalisation of Uniper agreed late last year.
Algeria regained its place as Spain's main supplier of natural gas in January, providing a quarter of monthly demand, gas grid operator Enagas said on Thursday. While the North African country had accounted for the largest volumes of monthly gas shipments to Spain since Enagas records started in 2006, it fell to second place behind the United States in January 2022 following diplomatic spats with both Spain and Morocco. The former Maghreb-Europe pipeline was shuttered in the fourth quarter of 2021 after clashes between Algiers and Rabat, while diplomatic tensions with Madrid flared when the Spanish government changed its position on Western Sahara, leading Algeria's Sonatrach to revise gas prices.
The regulator, known as CNMC, said it fined gas trading units of Germany's power utility RWE 3.6 million euros and French oil major TotalEnergies 1.2 million euros. The two companies breached regulations on the unloading of liquefied natural gas from ships to regasification terminals in Spanish ports in 2021, CNMC said. Companies are supposed to warn about any change to Enagas at least five days in advance.
MADRID (Reuters) -Spanish gas grid operator Enagas said on Friday a backlog at its terminals that had forced it to warn it could reject deliveries of liquefied natural gas (LNG) had eased. On Oct. 17, Enagas had issued a special situation notice due to unexpectedly full LNG tanks at its Spanish ports as mild weather hit demand for the fuel. Although the system operator expected the situation to end in early November, the overcapacity has lasted almost four weeks longer and has led to delays in planned offloading, according to a person with direct knowledge of the matter.
Demand for natural gas for power generation in Spain rose 80% in the first nine months of the year as neighbouring France and Portugal imported more electricity from the country, gas grid operator Enagas said on Tuesday. The Spanish and Portuguese governments introduced a subsidy in May to limit the price of natural gas used for power generation in a bid to curb electricity prices. During the period, gas demand from households and companies fell 17% as a result of higher prices.
MADRID (Reuters) -Spanish gas grid operator Enagas on Tuesday attributed capital gains on the sale of assets for a 15% increase in net profit to 353 million euros ($348.55 million) in the first nine months of the year compared with the same period a year earlier. Total income at Enagas fell 1% in the first nine months, while core operating profit or earnings before interest and taxes declined 16%. Shares in Enagas rose 0.43% to 15.25 euros at 0720 GMT, while Spain's leading blue-chip index was up 0.77%.
IRUN, Spain (Reuters) -The capacity of a Spain-France gas pipeline has been increased and can be used immediately if needed, Spain's energy minister said on Thursday. Grid operator Enagas said, however, the plan was to start pumping from Nov. 1. Enagas and French counterpart Terega have maximised the use of compressors in the link that goes from the northern Spanish town of Irun across the Pyrenees mountain range, boosting its capacity by 1.5 billion cubic metres (bcm) a year.
Spanish gas system operator Enagas said on Thursday it was working "urgently" with French counterpart Terega on increasing the capacity of a cross-border pipeline as Europe scrambles to shore up its energy supplies. There are two pipelines between France and Spain with combined capacity to transport seven billion cubic metres (bcm) of gas per year, equivalent to seven liquefied natural gas (LNG) tankers per month, and a third interconnection is being mulled. Enagas said capacity in the duct that goes from the northern Spanish town of Irun through the Pyrenees mountain range could be boosted by a further 1.5 bcm a year after an upgrade.
A third gas pipeline between Spain and France would cost at least 3 billion euros ($3 billion) and take years to complete, making it a less attractive option to address Europe's supply worries than new terminals to receive fuel by boat, France's energy transition ministry said. The European Union is bracing for any further fall in gas flows from Russia, which had been the 27-nation bloc's biggest supplier before it invaded its neighbour Ukraine in February and trade was disrupted. German Chancellor Olaf Scholz said last week that building a pipeline from Portugal through Spain and France to the central European states that are more reliant on Russian gas would "massively relieve the supply situation".
Gas-fired power plants in Spain took delivery of 803.8 gigawatt hours (GWh) on Wednesday, surpassing the previous records of 770 GWh and 764 GWh reached on June 16 and 15 respectively. The current high temperatures in Spain have led to an increase in electricity consumption, and low hydraulic, wind and photovoltaic and solar thermal generation, due to a dusty haze, as well as an increase in electricity exports, Enagas said in a statement. Spain is undergoing its second heatwave this year and the meteorological agency AEMET expects temperatures to peak later on Thursday, likely exceeding 44 degrees Celsius (111 degrees Fahrenheit) in large parts of southern Spain.
MADRID (Reuters) -Spanish gas grid operator Enagas said on Tuesday it expects to invest 4.76 billion euros ($4.77 billion) by 2030 on projects to ensure security of energy supply and decarbonisation. Under its strategic plan to 2030, the company aims to spend nearly 2.8 billion euros on projects including gas infrastructure, renewable hydrogen and biomethane production. When interconnector projects such as an underwater gas pipeline between Spain and Italy and a gas link between Spain and Portugal are added, the total investment sum comes to 4.76 billion euros, Enagas said.
A heatwave in parts of Europe has piled pressure on energy systems as demand for air-conditioning risks driving prices higher and adding to the challenge of building up stocks to protect against any further cuts to Russian gas supplies. Sweltering temperatures have arrived earlier than usual this year, notably in France and Spain, prompting consumers to turn on air conditioning despite historically high power prices. Europe, meanwhile, is racing to fill storage ahead of what is normally the peak demand winter season as it fears disruptions to the 40% of Europe's gas supplied by Russia, which has already cut off some customers.
Spanish power plants bought more natural gas to generate electricity on Wednesday than on any other day since records began, transmission system operator Enagas said on Thursday. Extreme early summer heat is raising demand for electric air conditioning just as cheaper, renewable sources of power are contributing less to the system, meaning more expensive gas-fired plants are making up the shortfall. Europe's benchmark gas price, which influences the cost of power, has risen 400% over the past year.